Show CONTINENTAL i lift LiFE liftON i ON SOUND BASIS SIS j Actuary Says Business Is in inI I Good Shape in Spite of I Early Mismanagement In H Ii report on the condition of th t the Continental Life LUll Insurance Investment Invest Investment Investment ment company made public yesterday Paul an actuary a from Den Deli Denver Deliver Denver ver who ho made the examination says the tI company Is now on a sound business basis bas notwithstanding the bad man management management management of the compans affairs dur during durIng ing big Its Ita first fint two years ears of life In referring to the mismanagement of the business of the company for the first two years eara after It was organized Mr Woolston says that the of officers were working for or their own per personal personal personal gain and financial advancement rather rattier than for or a permanent basis buls for forthe forthe forthe the company to work ork on to Insure Inure Its Ib success I The present pre nt officers and man managers managers agers of the Continental Life company are given due ue credit for or their tI lr work In building up the corporation and putting It on a substantial footing The Tile report says saye that the capital hail bad been somewhat impaired when the change of management was as made but it Is not found round that the interests of the polky holders holder have suffered to any ex extent extent i tent tentA A complete history of the insurance company com pan from Its beginning until the thi present date is given in the report made by Sir Mr Woolston and also of the form forming fOrming forming ing of two to subsidiary companies th the Western Securities company and the Western Underwriting company The latter company compan was formed in June JUDo 1904 1908 and appointed a general agent for fortl 11 tl e P Insurance company for tor a period Jt twenty years yea but was absorbed ab orbed by b the Western Securities SN company in Decem December I ber 1907 The Western We tern Securities com company comI company I pany pan was also found round to Be Ae e a losing Io j I proposition for the Continental com corn I pliny pally and In February of this year the j iw contract between i the two companies was Has cancelled I In adjusting the affairs of the West 1 c tIn i rn n Securities company It was found that the company was Indebted to the I Continental 4 Life Lite Insurance In urance company to t the extent of oC which the in insurance insurance company agreed to pay and anil take over oyer the assets of ot the Western Se St unties company which According to their report amount to but Examiner Woolston places place upon them the alue value of only 35 The re report r port also states that the assets of the I I Continental Life Insurance company I amount to tf over The Tile total I amount of insurance In effect Dec 31 1908 was tas The largest out outstanding outstanding standing Joan loan amounts to 38 which has been recommended to be cut down to and also that It be paid when due and no more loans made on similar security Examiner Woolston recommends that no loans over be he made by the Continental company until after Its assets agets exceed Mr Ir Woolston recommends that the company Include in Its Ita yearly year state statement statement statement ment for this year as a liability the ac accrued accrued rued dividends on the participating policies and also that the stock certin certificates certificates cates ates calling caTling for a par value of be called in and the stock representing the present par value of oC 75 be issued in its it stead ad The books were examined and thoroughly checked and are said AId AIdI I to be bf in condition |